SK Group says it will invest 247 trillion won through 2026 to boost its semiconductor, battery and biotechnology operations.

The conglomerate unveiled the five-year plan on Thursday, adding that it will hire 50-thousand people as part of efforts to stimulate growth in the three areas.

The company will invest 142 trillion won into creating a semiconductor cluster in Yongin, Gyeonggi Province as well as expanding facilities related to computer memory chips and related materials.

Sixty-seven trillion won go toward expanding production facilities of electric vehicle batteries and lithium-ion battery separators as well as securing facilities related to renewable energy and strengthening technology and competitiveness in such energy.

SK plans to spend nearly 13 trillion won to increase the number of facilities tasked with developing new drugs for epilepsy and to expand contract manufacturing organizations.